I helped with the car loan, now I am in trouble :( please help

[becauseIhelp]

A friend of mine po asked if I can help them for a auto loan... Since I already have a car loan in BPI, the agent of Ford actually helped us..

The car will be 1 year old sa April po, but monthly abunado ako para di mag penalty un car loan nila. Now they told me mukhang di na nila kaya bayaran

Pag sinoli po ba un car, black listed na po ako sa bank?

Kakainis lang po talaga kasi I made sure na updated ako sa loan ko tapos ganto

Does anyone know kung ano po ang pinaka tamang gawin?

[vinj]

A friend of mine po asked if I can help them for a auto loan... Since I already have a car loan in BPI, the agent of Ford actually helped us..

The car will be 1 year old sa April po, but monthly abunado ako para di mag penalty un car loan nila. Now they told me mukhang di na nila kaya bayaran

Pag sinoli po ba un car, black listed na po ako sa bank?

Kakainis lang po talaga kasi I made sure na updated ako sa loan ko tapos ganto

Does anyone know kung ano po ang pinaka tamang gawin?

First, read the fine print on the contract so you know what to do. Technically the car is yours if the loan and vehicle are under your name so i'd suggest you get the car from your "friend" already, sell it and pay off the loan. In the meantime you'll have to support the payment to keep it from going past due to keep your own record clean. Discuss with the bank on what the outcome on your record would be if you surrender the vehicle.

It's a painful pill to swallow but the fact that your friend needed help to obtain a loan already suggests that they are incapable of paying the amortization and maintaining the car.

[becauseIhelp]

Its really a painful pill to swallow.. And rest assure, lesson learned po talaga...

I am actually getting the car tomrw, but Im afraid I cant continue the payment... Its really giving nightmares na po..I honestly dont know what to do na po...

The car is Ford Fiesta Sedan 2012 (April)

[leodawesome]

It's a painful pill to swallow but the fact that your friend needed help to obtain a loan already suggests that they are incapable of paying the amortization and maintaining the car.

This is correct. Minsan nga kahit relative mahirap tulungan financially lalo na at alam mo na mahihirapan din sila makabayad in the first place.

If you are also incapable of paying for another car that you won't need, maybe you could sell it to a relative or a friend that can continue the monthly payments for you. Medyo mahihirapan ka lang gawin to kapag sa ibang tao kasi sayo pa nakapangalan yung loan, along with the documents of the car (OR, CR, insurance, etc). Best bet is to sell it ng palugi but they have to continue the monthly amort.

[vinj]

If you are also incapable of paying for another car that you won't need, maybe you could sell it to a relative or a friend that can continue the monthly payments for you. Medyo mahihirapan ka lang gawin to kapag sa ibang tao kasi sayo pa nakapangalan yung loan, along with the documents of the car (OR, CR, insurance, etc). Best bet is to sell it ng palugi but they have to continue the monthly amort.

Agree to this option to consider selling it to a relative at a "palugi" price to continue the loan or just to pay off the remaining balance (write off any loses and just charge to experience). First thing though is to talk to the bank and get an outstanding balance of the loan and pay-off amount just so you have an idea of the numbers that you are looking at. Think it over well and don't make any brash decisions.

[becauseIhelp]

Im willing to sell it po.. kahit po super lugi na, I just need to dispose it ASAP. ANg hirap po kasi ng isip ako ng isip

I just help them lang po kasi ang naging prob nila for getting the loan from the bank is over 65 na daw po kasi un mag babayad.. Kasamaang palad e medyo naging sakitin na nga po sya kaya hindi na po kaya talaga bayaran un car.

[slapz]

I just want to say that, that is not helping, it is enabling.

[yebo]

never ever be a co-maker/co-borrower for any loan except if the person is your parent, sibling or child, and only if they can pay. if they don't have the capacity to pay then the better thing to do is tell them not to get into debt.

surrender mo na lang sa bank yan. and recoup your money from your so called friend. nag-abono ka so bawiin mo pera mo sa kanya.

10 years yan bago mawala yang bad loan record mo. 10 years na di ka makakautang sa bank.

[wifi21]

It will reflect as a bad record kahit isurrender mo sa bank. But that is better than forever be delinquent. Yup, your bad record will reflect for 10 years or more. Iyun yung tinatawag nating cmap.

[CVT]

Being a co-maker/co-borrower and the evil things it may bring to your financial reputation....

18.4K:sun:

[lakers24]

Agree with sir Vinj, get the outstanding balance sa bank then use that as benchmark sa pagbenta mo nung car to payoff the remaining balance, since it's only 1 year old better kung sa 10 to 15% depreciation mo mabenta para medyo bawi ka kasi less down na rin & 1 year amortization otherwise lugi ka talaga, kainis pa dyan yung parang mababang re-sale value ng fiesta sedan base sa sulit..gud lack bro..

[1D4LV]

It's biblical:

My child, be careful about giving a guarantee for somebody else's loan, about promising to pay what someone else owes. 2 You might get trapped by what you say; you might be caught by your own words (Proverbs 6:1-2).

What you can do is to immediately get the car, benta mo ng palugi o sabihin mo sa buyer mo, continue na lang nya yung car amortization payments, maski wala ka ng makuha.

Sarap naman ng kaibigan mo.... Nakapag drive ng brand new car, hindi pala kayang i sustain.

May kasulatan ba kayo or something?

[wifi21]

Agree with sir Vinj, get the outstanding balance sa bank then use that as benchmark sa pagbenta mo nung car to payoff the remaining balance, since it's only 1 year old better kung sa 10 to 15% depreciation mo mabenta para medyo bawi ka kasi less down na rin & 1 year amortization otherwise lugi ka talaga, kainis pa dyan yung parang mababang re-sale value ng fiesta sedan base sa sulit..gud lack bro..

Mas mataas yung outstanding balance kesa sa balance or amount na ibbgay sayo pag ippay off mo yung account. Net to close balance yung tawag nila run.

[d'flash]

It's biblical:

My child, be careful about giving a guarantee for somebody else's loan, about promising to pay what someone else owes. 2 You might get trapped by what you say; you might be caught by your own words (Proverbs 6:1-2).

What you can do is to immediately get the car, benta mo ng palugi o sabihin mo sa buyer mo, continue na lang nya yung car amortization payments, maski wala ka ng makuha.

Sarap naman ng kaibigan mo.... Nakapag drive ng brand new car, hindi pala kayang i sustain.

May kasulatan ba kayo or something?

for example lang may nakabili na nung fiesta, maililipat na ba kay new owner/buyer yung car loan? o nakapangalan pa din sa original na nag car loan?

[vinj]

for example lang may nakabili na nung fiesta, maililipat na ba kay new owner/buyer yung car loan? o nakapangalan pa din sa original na nag car loan?

AFAIK, same pa rin unless the person applies and qualifies for a loan with the bank i guess. Best bet really is to find someone who'll buy the car straight.

[becauseIhelp]

AFAIK, same pa rin unless the person applies and qualifies for a loan with the bank i guess. Best bet really is to find someone who'll buy the car straight.

maililipat nman daw po un loan/name nung car kung may mag aassume po ng loan. i am willing to sell po kahit sobrang lugi kasi mahirap nman po na ma bad record ako s bank.

wla lang po ako alam kung san po pwede maibenta ng mabilisan

[fourtheboys96]

AFAIK, same pa rin unless the person applies and qualifies for a loan with the bank i guess. Best bet really is to find someone who'll buy the car straight.

I agree. Sell the car. Pay the remaining loan balance outright with a lump sum.

OR Sell the car. Then use the money for the monthly amortization.

Sa both options, lugi at abonado ka. Sa option 1, tanggal agad pag-aalala mo kaso mas malaki mawawala sa iyo dahil sa "time value of money".

Sa option 2, may risk magastos mo agad yung pera na napagbentahan mo.

[fireblade]

now that is what you call love


best to just return the unit and learn a lesson or two. it is what it is.


hth.

[1D4LV]

for example lang may nakabili na nung fiesta, maililipat na ba kay new owner/buyer yung car loan? o nakapangalan pa din sa original na nag car loan?

pwedeng ilipat..... just make a letter addressed to the bank.... did it once.

[1D4LV]

maililipat nman daw po un loan/name nung car kung may mag aassume po ng loan. i am willing to sell po kahit sobrang lugi kasi mahirap nman po na ma bad record ako s bank.

wla lang po ako alam kung san po pwede maibenta ng mabilisan

actually yan ang mahirap.... people tend to either, pay it in full or if they would pay a bank loan, they prefer something out of the dealership.
if i were you, i'll sell the car ng palugi... lets say the value of the car is at 350k, sell it at 300k, and use all the money to pay off the bank loan. yun nga lang, baka magdagdag ka pa dahil baka kulang yung value ng benta mo sa balance mo.

or i surrender mo na sa bank. sabihin mo, hindi mo na kayang bayaran. wala namang kaso yun eh. dahil secured loan ang oto loan.

or talk to relatives, baka gusto nilang i assume yung balance.

pero definitely, hindi mo mabebenta yan sa mga used car dealers.